Ike Ekweremadu, deputy senate president, says the northern region of the country has no reason to be scared of restructuring as crude oil is fast losing its commercial value.
According to Ekweremadu, the north is “desperately searching” for oil because of its fear of restructuring.
He explained that the fear is unnecessary, as many countries that patronised Nigeria’s oil have also discovered theirs.
He added that oil revenue will ultimately drop as the world inches closer to the new era of electric cars.
Ekweremadu, who spoke while presenting a paper on ‘Restructuring and the Nigerian youth’ at the University of Nigeria, Nsukka, said the entire nation would benefit from restructuring.
“I have also noticed a desperate search for oil in the Lake Chad, Sokoto, and Benue River basins in recent times, obviously spurred by the campaign for restructuring,” Ekweremadu said.
“But it is an unfounded fear. The days of oil are numbered. It is the least strategic wealth we have now.
“Many countries have found oil in large quantities, including those that used to patronise us for oil. Importantly, many nations are already phasing out petrol and diesel engines.
“Some are afraid of survival under fiscal federalism. They feel they are better off with free monies from Abuja, which could actually be a pittance compared to what they could generate if they begin to access the bountiful wealth buried in their soils.
“In July 2017, the United Kingdom announced plans to stop the production of petrol- and gas-powered cars from 2040. France has also unveiled plans to ban the sale of petrol and diesel cars from 2040.
“Norway has strong policy actions to ensure that zero fossil fuel cars are sold in the country by 2025. With the second highest concentration of electric cars in Europe, Netherlands is already targeting an emission-free environment by 2030, which automatically rules out petrol- and diesel-powered cars.
“In fact, Netherlands wants at least 200,000 electric cars on her roads by the year 2020, which is only two years from now.”
He urged Nigerian youth to develop patriotic minds with the aim of fixing the “broken” federal system, lest the nation’s problems are passed on to future generations.